Stocks making the biggest moves midday: Avis Budget Group, Pfizer, Tesla & more

Market Insider

Check out the companies making headlines midday on Monday:

Avis Budget Group — Shares of the car-rental company jumped 7 percent after Goldman Sachs upgraded it to buy from sell, citing an attractive valuation. The analyst also sees a 36.3 percent upside for Avis over the next 12 months.

Electronic Arts — The video-game maker climbed more than 5 percent after Bank of America Merrill Lynch upgraded it to buy from neutral. Bank of America also hiked its price target on Electronic Arts to $110 a share from $95.

Loews Corp — Shares of the hospitality company fell 6.2 percent as Loews reported a loss of 53 cents a share for its fourth-quarter report. Lowes revenue in the quarter fell to $3.3 billion, down over $250 million from the same period a year ago.

Pfizer — One of the world’s largest pharmaceutical companies slid 1.5 percent Monday after its Japanese subsidiary recalled hundreds of thousands of tablets of a drug for high blood pressure. More than 763,000 tablets of the drug Amvalo, manufactured from April to July in Mylan, are the subject of recall, Pfizer Japan said in a statement.

Goodyear Tire & Rubber Company — Shares of the he multinational tire manufacturing company dropped more than 3.5 percent in midday trading after two brokerages downgraded the stock. Argus Research cut the equity to a hold rating citing reduced earnings estimates and near-term cost headwinds.

Tesla – The electric carmaker rallied after Canaccord Genuity upgraded Tesla to buy from hold, with a new price target that represents a 47 percent upside for the stock. The firm predicted more electric vehicle penetration and the company getting closer to building an affordable car for the masses.

Activision Blizzard — The video gaming giant fell 7 percent Monday following a Bloomberg report that it plans to announce job cuts “in the hundreds” this week. The layoffs would be part of a restructuring effort as the company faces sluggish sales, Bloomberg reported, citing unnamed sources familiar with the matter.

Norfolk Southern Corp. — The railroad holding company surged 4 percent after outlining a strategic plan that focuses on increased productivity and revenue growth at its investor conference. CEO James Squires said in a press release that the lower costs and more efficiency would “deliver stronger margins.”

Avaya Holdings — The multinational technology company that specializes in business communications, dropped 11.74 percent following its release of weaker-than-expected earnings and revenues for their first-quarter. The company also named Kieran McGrath as their new CFO, effective February 15, 2019.

—CNBC’s Tom Franck, Kate Rooney, Nadine El-Bawab and Michael Sheetz contributed to this report.

Products You May Like

Articles You May Like

Wynn Stock May Be over the Worst of Its Trade War Weakness
Shopify Orders Up Strong Q4: Is $200 a Done Deal?
Three tips to help you boost your tax-free income in retirement
Twilio Stock Has Become More Pie in the Sky Than Cloud
This retirement saving strategy can make up for lost time

Leave a Reply

Your email address will not be published. Required fields are marked *